You can still tap free money for college — here’s how

You can still tap free money for college — here’s how [ad_1]

Paying for college was an issue even earlier than the Covid pandemic.

Now, with households underneath elevated monetary pressure and a better schooling dearer than ever, some mother and father of college-bound college students have reached a breaking level.

Most need to borrow to pay for a lot of the price of their diploma. That has already propelled scholar mortgage debt previous a surprising $1.7 trillion. But there may be one other means.

Eunice Chon, 18, a first-generation Korean-American scholar who lives in Macon, Georgia, was decided to seek out sufficient scholarships and grants to cowl the complete price of college.

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Chon attends Howard High, a Title I college, which suggests there’s a excessive share of low-income college students. In reality, at Howard, 99% are thought-about economically deprived like herself.

“My dad said, ‘we can’t send you to a school that has any out-of-pocket costs,'” she mentioned.

Unlike a student loan, a scholarship is actually free money, which suggests it doesn’t must be repaid. In addition to the reward help provided by schools and universities, there are non-public many scholarships obtainable, typically funded by foundations, companies and different unbiased organizations. 

Even small awards add up over time. “Every dollar you win is a dollar less you will have to borrow,” mentioned larger schooling skilled Mark Kantrowitz.

Eunice Chon, 18, will be a part of Harvard’s freshmen class within the fall, with sufficient scholarship {dollars} to cowl the price in full.

Source: Eunice Chon

Chon utilized for half a dozen such scholarships from native and nationwide teams and was awarded numerous sums, starting from $500 to a $20,000 grant from the Coca-Cola Scholars Program. She additionally acquired a scholarship from Crimson Education, which provides economically deprived college students free assist from admissions specialists.  

“That was the most competitive thing I’ve done,” she mentioned of her scholarship functions — which says rather a lot contemplating that Chon additionally utilized to 18 elite schools in essentially the most cutthroat utility cycle thus far. She was accepted at Harvard University, in addition to a handful of different Ivy League colleges.

Chon will be a part of Harvard’s freshmen class within the fall, with sufficient scholarship {dollars} to cowl the price in full. 

There are greater than 1.7 million non-public scholarships and fellowships on the market, with a complete worth of greater than $7.4 billion, in line with Kantrowitz.

There’s a scholarship for everybody on the market.

James Lewis

president and co-founder of National Society of High School Scholars

“The biggest mistake that students and their family make is they feel they wouldn’t qualify — they opt out,” mentioned James Lewis, president and co-founder of Atlanta-based National Society of High School Scholars.

“There’s a scholarship for everyone out there.”

Lewis suggests beginning with a fast on-line search. “Type in your passion and the word scholarship, you’ll be amazed at what you’ll find.”

“Do you love asparagus? There’s a scholarship for that. Are you left-handed? There’s a scholarship for that,” mentioned Ashley Boucher, a spokeswoman for schooling lender Sallie Mae, talking hypothetically.

How to seek out college scholarship money

Free scholarship search websites, reminiscent of fastweb.com and bigfuture.com, additionally match a scholar’s background towards a database of scholarships.

A typical highschool senior might match with as many as 50 to 100 scholarships, Kantrowitz mentioned.

You should always apply to every scholarship you are eligible for,” he suggested.

Alexis Simon, 17, will probably be attending St. John’s University within the fall.

Source: CNBC

Alexis Simon, 17, is making use of for 20 to 30 scholarships. “I don’t know what the money is going to look like, but I’m definitely never, ever going to give up,” mentioned Simon, who attends a performing arts highschool in New York.

While that will seem to be an amazing process coupled with college functions and coursework, a lot of the identical materials can be used for every scholarship submission with solely minor tweaks, Kantrowitz mentioned.

Further, the extra scholarships you get, the extra you might be prone to get going ahead, Lewis added.

“As they start receiving awards, they can use that credential for additional scholarships.”

The finest time to use for college scholarships

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